A brief overview of Talent Management in Organizations
Talent Management has emerged as one of the most important verticals for global firms in their quest to achieve higher productivity and growth, and to manage the demands and expectations of millennials. An organization that has a structured talent management strategy will invariably excel in its business outcomes. It is no longer a fancy word on company collateral, but is a direct representation of any organizations’ long term commitment to hire, develop, manage and retain talented and skilled employees. Effective talent management strategy ensures that the most skillful employees are attracted and retained across the organization, in comparison to its competitive landscape. Organizations with clearly defined talent management strategy not only focus on recruiting the right talent but also spend considerable amount of time in retaining and aligning them with the prevalent organizational culture.
Why is Talent Management important ?
Every generation introduces a different and often new set of quirks and behavior patterns in the society. Currently, millennials constitute the largest percentage of work force in the world. They are extremely proactive, volatile and innovative and appreciate instant gratification rather than a delayed one. To understand their expectations and integrate their aspirations along with the organizations becomes extremely important.
The current landscape has not only increased competition between organizations to hire the right talent, but has also given power to candidates to weigh their options and make an informed decision. Therefore, the role of the talent management function has become critical and has evolved to include much more than just identifying and recruiting the right candidate.
Increasing number of employees across industries are associating themselves with a sense of higher purpose and greater engagement with their organization instead of only focusing on compensation. For them remuneration is important, but what is equally important is to find satisfaction in their work and having a career progression path outlined. Imagine ensuring this is carried out for each and every role in the organization? This demanding yet critical task is the responsibility of the talent management function.
Management of highly specialized roles in an organization requires the talent management function to formulate effective retention and development strategies. This ensures that there exists a seamless flow of resources to take over the critical roles, which ensures smooth and effective function of the organization. It also leads to prevention of workload spill on other employees, resulting in greater employee satisfaction and a better work-life balance.
Challenges and Opportunities in Talent Management
The current landscape of greater competition among organizations in their bid to acquire the best talent available, has resulted in increasing challenges with regards to talent management.
• Talent Recruitment
Hiring managers are increasingly finding it difficult to recruit the right talent for their organizations. While there is no shortage of available candidates, the task is to find the right fit in terms of skills and experience. This becomes even more challenging when it comes to attracting and meeting the expectations of the millennials. A questions to ask oneself is how can I create an image of the organization that allows prospective candidates to identify my company and actively apply for openings? By creating an environment of “Employer of Choice”. For example, every prospective candidate who we speak with, we evangelize the vision and goals of the company and show them how their role will fit into the bigger scheme of things. We have created videos to depict the values, vision and mission of the company which we share with everyone who comes in contact with us. This requires investing resources to communicate the vision and mission of the company, not just to the internal employees but also to prospective candidates. Doing so will ensure active responses from like-minded individuals who identify with the organization’s goals and aspire to be a part of it.
• Talent Development
Talent Development has emerged as a major talent management challenge in the current landscape. It often becomes a struggle to create a proper balance of deliverables and time investment for development.At Tally, we have introduced the Emerging Leaders Program for high performing individuals, with an intent to develop our future leaders from within the organization. Talent development not only helps in the growth of deserving employees but also drives growth of an organization through increased productivity and innovation. Creating a culture of learning through implementing LMS (Learning Management System) and E-learning tools and upskilling the employees is the key for organization’s success.
• Talent Retention
Another extremely significant aspect to the long term growth of the firm is Talent Retention. It becomes imperative to offer an environment which is flexible and provides opportunity for effective one-on-ones with leaders and department heads, which boosts employee morale and bring in increased level of motivation.Arranging inclusive Town halls to engage employees and holding review discussion meetings are some ways.We also provide employees with flexible working hours, friendly leave policies and the flexibility to convert attendance. Given the dynamics of the day-to-day life we have also introduced a sabbatical policy to encourage time away from work to explore higher education, or address personal needs. This also reflects a healthy work-life balance which goes a long way in retaining employees in the firm.
Higher employee engagement results not only lead to better retention rates but also to the development of a unified organization set to achieve its social, operational and financial targets. Also, development of a systematic and well-structured onboarding and Performance Management process goes a long way in retaining talent in an organization.
An organization’s commitment towards talent management is not confined to annual review meetings, but is reflected in its day-to-day policies. At Tally, it is important for our employees to have complete understanding of the vision and goal of the company, and for this specific reason, PVG (Purpose, Value and Goals) Sessions are conducted by the top management.At every meeting it is customary to touch upon the PVG. This is the fundamental reason why we have been able to sustain our value systems, not just among the Tally employees, but also our Partner ecosystem.
Effective talent management, thus, can contribute to a variety of strategic objectives such as:
• Building a high performance workplace
• Encouraging a learning organization
• Identifying as an ‘employer of choice’
• Ensuring return on investments in training and development